Saturday, November 25, 2023

Fintech payment vs. bank

A few days ago, I received two funds in my bank account, named B*I bank. I noticed that the first fund was transferred using a fintech payment application popularly used in Indonesia, called Fl*p. The second fund was transferred directly through a different bank from mine. Since there were no names in both transfers, I was confused. I just needed to make sure whether those two funds belonged to me. At least, if I could see the name, I could then feel okay. I am afraid that the money was transferred randomly or something. To find out, I tried to contact both the fintech payment company and my bank.

First, I emailed the customer service of the fintech payment company. They replied promptly, asking me to send them some information about myself and my bank account. Surprisingly, they didn’t need much time to let me know the sender’s name. I was glad that I could finally know the name. Having known it, I felt confident that the money indeed belongs to me. I know that the sender usually forgets to confirm to me whenever she has transferred.

Second, I also tried to contact my bank through its chat box application on its website. The guy told me that I couldn’t know the sender’s name, recommending me to come to the nearest bank by bringing my saving book, ID card, and ATM card. I told him that I am abroad, but he couldn’t do much. All in all, I still do now know the name of the sender.

Here I could take some lessons. First, fintech companies are more flexible in their service provisions. They indeed provide solutions to us in this digital age. Second, large banks, with their established systems, sometimes are more rigid. I know that this is part of their SOP(s). However, the approach is often far from our expectation as customers. Third, maybe we will have less dependence on the banks in the future. I just feel that financial technology will somehow change the ways we do money transactions, such as transferring, investing, and saving. So, are large banks being threatened by fintech? Are they aware of it? These questions may be interesting to discuss in finance class.